AUCTIONEER LICENSE COMPREHENSIVE
EXAM QUESTIONS AND CORRECT
ANSWERS STUDY GUIDE
●● If an auctioneer sales a firearm away from their business location,
how do they transfer to buyer?
Answer: It must be returned to their business location before
transferring.
●● Who determines the auctioneers fee in federal bankruptcy court?
Answer: The court sets the fee.
●● Who must obtain a firearms license?
Answer: Persons in the business of importing, manufacturing, or dealing
in firearms, or importing or manufacturing ammunition
●● What is an antique?
Answer: Any work of art, piece of furniture, decorative object, or the
like, created or produced in a
former period, or, according to U.S. customs laws, 100 years before date
of purchase.
●● What is "provenance"?
, Answer: Place or source of origin; the history of ownership.
●● What does "termination" of a contract mean?
Answer: when either party pursuant to a power created by agreement or
law puts an end to the contract otherwise than for its breach.
●● What does "cancellation" of a contract mean?
Answer: occurs when either party puts an end to the contract for breach
by the other and its effect is the same as that of "termination" except that
the cancelling party also retains any remedy for breach of the whole
contract or any unperformed balance.
●● True of False. An oral contract for a used jetski with a price of $750
is enforceable in a court.
Answer: False. For items more than $500 a contract must be in writing
to be enforceable.
●● If a contract is found to have a deficiency like a blank that was not
filled in, is it rendered invalid?
Answer: No. A writing is not insufficient because it omits
or incorrectly states a term agreed upon but the contract is not
enforceable under this paragraph
beyond the quantity of goods shown in such writing.
EXAM QUESTIONS AND CORRECT
ANSWERS STUDY GUIDE
●● If an auctioneer sales a firearm away from their business location,
how do they transfer to buyer?
Answer: It must be returned to their business location before
transferring.
●● Who determines the auctioneers fee in federal bankruptcy court?
Answer: The court sets the fee.
●● Who must obtain a firearms license?
Answer: Persons in the business of importing, manufacturing, or dealing
in firearms, or importing or manufacturing ammunition
●● What is an antique?
Answer: Any work of art, piece of furniture, decorative object, or the
like, created or produced in a
former period, or, according to U.S. customs laws, 100 years before date
of purchase.
●● What is "provenance"?
, Answer: Place or source of origin; the history of ownership.
●● What does "termination" of a contract mean?
Answer: when either party pursuant to a power created by agreement or
law puts an end to the contract otherwise than for its breach.
●● What does "cancellation" of a contract mean?
Answer: occurs when either party puts an end to the contract for breach
by the other and its effect is the same as that of "termination" except that
the cancelling party also retains any remedy for breach of the whole
contract or any unperformed balance.
●● True of False. An oral contract for a used jetski with a price of $750
is enforceable in a court.
Answer: False. For items more than $500 a contract must be in writing
to be enforceable.
●● If a contract is found to have a deficiency like a blank that was not
filled in, is it rendered invalid?
Answer: No. A writing is not insufficient because it omits
or incorrectly states a term agreed upon but the contract is not
enforceable under this paragraph
beyond the quantity of goods shown in such writing.
